Tennessee businesses and manufacturers welcomed the news that our country is one step closer to a new era of free trade, supporting 12 million American jobs.
The House of Representatives voted in favor of the United States-Mexico-Canada (USMCA) agreement, marking a new chapter in free trade for our country and for Tennessee businesses. This bipartisan agreement represents two years of advocacy, collaboration and input from Tennessee’s business community, led by the Tennessee Chamber of Commerce & Industry.
Free trade is a cornerstone of Tennessee’s growing economy. One in five jobs reies on free trade in Tennessee, and more than 147,000 jobs are supported by our export market alone, as of 2016. Of those exports, Canada and Mexico represent our largest export markets, with $7.9 million (24% of the state’s exports) in exports going to Canada and $4.8 million in exports going to Canada, according to the U.S. Census Bureau.
Free trade supports our small businesses, manufacturers and farmers all across the state. In total, goods exported accounted for 8.9% of Tennessee’s GDP in 2018, worth $32.7 billion.
In Chattanooga alone, exports represent $1.4 billion in revenue. Local companies, especially in manufacturing, such as Volkswagen continue to provide strong jobs for the community while investing in research and development. Dozens more companies provide medical equipment up and down the supply chain that is in high demand at the domestic and international level.